Development Bank Ghana (DBG) has signed a Memorandum of Understanding (MoU) with the Association of Ghana Industries (AGI) to strengthen the local textile and garments sector.
This partnership aligns with DBG’s commitment to fostering growth in key economic sectors and aims to support local businesses by addressing production challenges, improving competitiveness, and creating jobs.
Under the three-year initiative, DBG and AGI will provide technical support, financial resources, and market development assistance to selected businesses in the textiles, garments, and fintech industries. DBG has earmarked GH₵ 566,200 for initial program activities, including identifying investable projects, capacity-building sessions, and market linkages.
DBG’s Chief Executive Officer (CEO) Kwamina Bentsi Enchill Duker emphasized that this initiative leverages trade opportunities such as the African Continental Free Trade Area (AfCFTA) and the African Growth and Opportunity Act (AGOA).
Additionally, DBG plans to inject GH₵100 million annually into the sector over the next three years in partnership with financial institutions and development organizations.
To further drive investment, DBG’s Guarantee subsidiary will offer partial credit guarantees to unlock additional financing for the industry.
AGI President, Dr. Humphrey Kwesi Ayim Darke, also speaking at the MoU signing noted the partnership’s potential to enhance operational efficiency, job creation, and access to international markets.
The collaboration also highlights sustainability, focusing on eco-friendly production and recycling textile waste. As DBG Chief Economist Designate Prof. Eric Osei-Assibey stated, the sector’s growth will prioritize environmentally responsible practices, ensuring long-term viability.
This initiative is expected to boost Ghana’s export potential, create jobs, and enhance the competitiveness of local businesses in the global market.
